Cryptologic Bounces Back

Online casino software provider Cryptologic has announced earnings that saw the company bounce back into the black with a small quarterly profit of $500,000 — its first quarterly profit in nearly 3 years.

Total revenues for the quarter were $7 million, an increase over $6 million in the same period in 2010 and expense held steady at about $6.5 million. Controlling costs has been a primary goal for the company in recent years as its revenues have slipped.

Formerly based in Canada, Cryptologic was a force to be reckoned with in the early days of online gambling, as its casino and poker software was widely used.

It saw rivals such as Playtech and Microgaming surpass it, however, and has never recovered the momentum it once had, moving its headquarters to Ireland and its software development to Malta in an attempt to cut expenses and return to profitability.

Cryptologic had announced a few months back that it had hired Deloitte to conduct a strategic review of its operations that might include a sale of some or all of the company’s operations.

The company’s software powers sites such as InterCasino and includes the popular Millionaire’s Club progressive slots game that saw a $4.2 million jackpot win paid out in June 2011.